#1
Which of the following is NOT considered an economic indicator?
Automobile Fuel Efficiency
ExplanationNot directly tied to economic activity or trends.
#2
What does the Consumer Price Index (CPI) measure?
Inflation rate
ExplanationTracks changes in prices of a basket of goods and services.
#3
Which economic indicator is used to measure the total value of goods and services produced within a country in a given period?
Gross Domestic Product (GDP)
ExplanationProvides a comprehensive view of economic activity.
#4
What does the term 'Leading Indicator' refer to in economics?
An indicator that predicts future economic trends
ExplanationSigns of where the economy is heading.
#5
Which of the following economic indicators is typically used to gauge consumer confidence?
Retail Sales
ExplanationReflects consumer spending patterns.
#6
What does the term 'Recession' refer to in economics?
A period of declining economic activity
ExplanationCharacterized by GDP contraction and rising unemployment.
#7
Which economic indicator measures the level of prices of a fixed basket of goods and services purchased by households?
Consumer Price Index (CPI)
ExplanationShows changes in the cost of living over time.
#8
Which of the following is NOT a component of the unemployment rate calculation?
Voluntary unemployment
ExplanationNot directly counted in official unemployment figures.
#9
What does the term 'Gini Coefficient' measure?
Income inequality
ExplanationIndicates the distribution of income within a population.
#10
Which of the following indicators is used to measure the health of the manufacturing sector?
Purchasing Managers' Index (PMI)
ExplanationReflects sentiment among purchasing managers.
#11
What is the Phillips Curve used to illustrate?
The relationship between inflation and unemployment
ExplanationShows the trade-off between inflation and unemployment.
#12
Which of the following is NOT a measure of economic inequality?
Human Development Index (HDI)
ExplanationFocuses on human well-being rather than income distribution.